The Indian lender sliced through its 50-day moving average on Wednesday as investors sold ahead of its quarterly earnings, which matched expectations, according to Reuters. HDFC, which slid 3% for the week in fast trade, has dropped out of the IBD 50.

Most leaders didn't run into this kind of trouble.

Some moved ahead nicely this week after hanging within their recent buying ranges earlier this month. That gives a better cushion to investors who bought at these stocks' recent buy points. Air Methods (NASDAQ:AIRM), an air ambulances provider, falls in this category.

While plenty of IBD 50 stocks are becoming extended as the market uptrend stays intact, there are still some that are forming bases, such as Michael Kors (NYSE:KORS) and Seagate Technology (NASDAQ:STX).

Michael Kors, an apparel and accessories maker that IPO'd in 2011, has some areas of concern. One is that so much of its latest base has formed under the 10-week moving average.

Seagate, the hard drives producer, displays that same flaw. Note that for each stock, the latest base is part of a larger base-on-base pattern.

Alaska Airlines' report, due out Thursday, is expected to show a 41% increase in EPS to 72 cents, with revenue up 8% to $1.13 billion.

That would give the Seattle-based carrier a quarter of accelerating growth for both its profit and sales.

Western Digital's report, due out Wednesday, is expected to show a 21% increase in EPS to $1.82, with revenue up 84% to $3.68 billion.

Both Western Digital and Seagate continue to recover from the 2011 flooding in Thailand, where they each saw drive factories washed out.

For the week, the IBD 50 index rose 0.9%. The S&P 500 and NYSE composite also both gained 0.9% for the week. The Nasdaq lagged, edging up just 0.3% as Apple's (NASDAQ:AAPL) 4% decline weighed on the index.